The 18th BRICS summit is scheduled to be held in India’s capital city, New Delhi, on September 12 and 13, 2026. Prime Minister Narendra Modi will chair the summit, which will be attended by group members and other world leaders. Just when the Global South assumed the bloc could discuss the prospects of building a BRICS currency, India poured cold water on the idea entirely. The Modi government is clear that it will use the US dollar for trade and transactions. It also plans to boost the rupee internationally, and has taken several steps to strengthen the currency.
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India Officially Denounces BRICS Currency
Piyush Goyal, India’s Commerce and Industry Minister, has officially denounced the formation of a BRICS currency. The announcement came just a month before the summit, indicating that a discussion on this subject is off the table. The alliance will not hold talks on the formation of a new tender, as India is least interested in the topic. The US dollar will no longer face any obstacles in trade, as the bloc was the only challenger.
“India is not in favor of a BRICS currency,” said Piyush Goyal during the Trade and Industry Ministers’ meeting. “We do not support the introduction of any such BRICS currency scheme. India opposes it,” he said. This comes at a time when Russia and China are increasingly settling cross-border transactions in local currencies. Both the yuan and ruble are extensively used for trade among the two nations.
The idea of a BRICS currency first floated in 2022, after the US imposed sanctions on Russia. Even India was on board with the idea, but eventually backed out of the concept. Several of its leaders openly spoke against de-dollarization after Trump took office in January 2025. The US President repeatedly threatened tariffs if the prospects of a BRICS currency moved ahead.
